CBN Has Disbursed 38 Billion Naira To Electricity Companies In 6 Months
Between January and June this year, the Central Bank of Nigeria, CBN has released a total of 38.53 billion naira to electricity companies.
According to a new report by the apex bank, the fund was released under the Nigeria Electricity Market Stabilisation Facility.
The facility was set up by the CBN in 2015 to provide cash for the Nigerian electricity supply industry and put it on the path to economic viability and sustainability.
Specifically, the NEMSF is targeted at facilitating the settlement of shortfall in revenue and legacy gas debt obligations, due to market participants.
Those who participated include gas companies, electricity generation companies, the Transmission Company of Nigeria, and electricity distribution companies as well as service providers.
The CBN in the economic report, said that the 38.53 billion naira was disbursed to one distribution company, 17 generation companies, six gas companies and five service providers.
It said cumulatively, as of the end of June this year, about 158.74 billion naira had been disbursed to the Nigeria Electricity Supply Industry Stabilisation Strategy Limited to refinance 37 eligible electricity market participants.
It added that the sum of 4.99 billion naira, being the principal repayment, was received in the period under review, bringing the total repayment since inception to 20.56 billion naira.
Don't forget to share this story with your friends.